Premium income, claims incurred and expenses

Net premium earned (calculated on the basis of gross written insurance and co-insurance premium, reduced by the reinsurers share and adjusted by the change in gross unearned premiums taking into account the reinsurers share in unearned premiums) amounted to EUR 916.3 million or 3% less than in 2010. A significant growth of 11% was recorded in net premium earned from health insurance, whereas net premium earned from non-life insurance and life insurance decreased by 5% and 4% respectively. The amount by which gross written premiums from co-insurance and reinsurance operations were decreased was 8% higher than in 2010 and equalled EUR 80.1 million. On the other hand, gross unearned premiums grew by EUR 7.0 million, the same as in the preceding year.

Net claims incurred (gross claims increased by assessment costs, reduced by the reinsurers and co-insurers shares and subrogated receivables, adjusted by the change in gross claims provisions taking into account the reinsurers share in these provisions and increased by equalisation scheme expenses for supplementary health insurance) totalled EUR 576.1 million, which was 3% more than in 2010. A decrease of 5% was recorded in non-life insurance. Net claims incurred increased by 31% in life insurance and by 9% in health insurance. The reinsurers' and co-insurers' shares of gross claims decreased compared to 2010 by 26% and totalled EUR 22.5 million. Claims provisions decreased by EUR 2.0 million, whereas in 2010 they decreased by EUR 6.3 million.

Gross operating costs totalled EUR 286.4 million, decreasing 2% over the preceding year. Of the total amount of gross operating costs, the insurance business operating costs amounted to EUR 234.8 million (index 98), whereas costs arising from non-insurance operations equalled EUR 51.6 million (index 97). Operating costs of insurance business accounted for 23.7% of consolidated gross written premium, the same as in 2010.

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